Ugh! Taxes

[Chris]

Just remember, what we know as a definition of a word, is not necessarily the same definition that government entities apply. They don't even follow GAAP. That way, sorry civilians like you and me can't do anything beyond a 1040, so you are forced to pay someone else to do them.

And that statement comes hard for me, considering what I do for a living. And don't think for one moment it's not intentional. That way they can get you on any and every little thing, and penalize you for it without it making a material difference in what you actually owe.

Right, I always go back and check assumptions, do the research until two or three places says the same. And even then you just can't be sure. Sometimes I'm not sure the IRS knows.

[bdtex]

Just spent the last several days working on my tax return. It almost did me in. There were times I was ready to give up and go to a CPA.

1040 was all I needed a few years ago. Then I invested in some CDs so that added Schedule B Interest.

Two years I took some distributions, which added Schedule D Ordinary Dividends. No biggie.

Last year invested a bunch of cash in a managed brokerage, which many transactions added Schedule D, Schedule 1, and 8949; and dabbled in crypto, more transactions for 8949. All new territory with various oddities the IRS never really explains intelligibly. I'd give up for the day, sleep on it, and somehow figure it out the next day.

And I just finished and double-checked and triple-checked. Now I only hope I followed the IRS's labyrinth of rules. Then I should get something back.

Oddest rule: If you had capital gains greater than $3000 you only get to claim $3000. You get to roll the rest over but damn.

OK, no doubt some of you have it worse, especially if you itemize and what not.

But who the hell could ever come up with this confusing crapola? Oh, yea, the giverment.

Up until 1998, I could do my own taxes. In October 1998, my business partner and I incorporated and bought an established business. I have not been able to do my own tax return since then. Bought another ongoing business and a commercial building in 2005. Sold the building in 2018 but still have both businesses. Still need a CPA for the books and tax returns.

[zelmo1234]

I used to do ours but today use a CPA makes the process easy and when you do it over many years things get even simpler. The one thing I do is take too much from investments and tax high. Wife is happy though she likes the big returns from Uncle Sam. lol

You do understand that is not from Uncle Sam it is your money, you just let them use it for free

[Chris]

Well, I puppied out and opted for Turbotax. Partly because I was unsure about some of my choices. Partly because an article explained upfront the different levels of Turbotax and the cost of each. I'd always hated starting the free version, getting so far and having to upgrade, and then when that repeated, quitting the app. But this time I knew the cost of doing 1099-B and crypto, $80 some dollars. And--wish I'd known this a week ago--Turbotax can import 1099s. So I decided to give it a try. Sure enough it was able to connect to each financial institution and import all the data, minutes that I slaved hours over. And best of all, after reporting all my income, it reports I'll get about a $1000 more back! A few more steps and I should be done.